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Q2: March transactions for Tribeca Company as follows; March 3: Purchased 500 units of inventory for $12,500, on credit terms of n/eom. (No discount will be provided for early payments) 6: Sold 300 units of inventory for $50 each to the Shine Company on credit terms of 3/15, n/30. (Calculate COGS). 10: Paid insurance in advance, $2,000. 12: Purchased 400 units inventory for cash $12,000, 15: Paid on account, $12,500 for March 3 purchases. 18: Sold 550 units of inventory for $50 cach on credit terms of 2/10, n/30 to the Bright Company. (Calculate COGS). 25: Collected on account from March 6 sales to Shine Company. (Is there any discount or not, explain your reason) 27: Collected on account from March 18 sales to Bright Company. (As there any discount or not, explain your reason, Show your calculations for the discount, total receivable, and cash collected.) Requirements: 3. Joumalize March transactions for Tribeca Company. Provide explanations. 4. Prepare FIFO Schedule for March. Company has 250 units of inventory from $18 cach at the

Q2: March transactions for Tribeca Company as follows; March 3: Purchased 500 units of inventory for $12,500, on credit terms of n/eom. (No discount will be provided for early payments) 6: Sold 300 units of inventory for $50 each to the Shine Company on credit terms of 3/15, n/30. (Calculate COGS). 10: Paid insurance in advance, $2,000. 12: Purchased 400 units inventory for cash $12,000, 15: Paid on account, $12,500 for March 3 purchases. 18: Sold 550 units of inventory for $50 cach on credit terms of 2/10, n/30 to the Bright Company. (Calculate COGS). 25: Collected on account from March 6 sales to Shine Company. (Is there any discount or not, explain your reason) 27: Collected on account from March 18 sales to Bright Company. (As there any discount or not, explain your reason, Show your calculations for the discount, total receivable, and cash collected.) Requirements: 3. Joumalize March transactions for Tribeca Company. Provide explanations. 4. Prepare FIFO Schedule for March. Company has 250 units of inventory from $18 cach at the

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Q2: March transactions for Tribeca Company as follows; March 3: Purchased 500 units of inventory for $12,500, on credit terms of n/eom. (No discount will be provided for early payments) 6: Sold 300 units of inventory for $50 each to the Shine Company on credit terms of 3/IS, n/30. (Calculate COGS). 10: Paid insurance in advance, $2,000. 12: Purchased 400 units inventory for cash $12,000. 15: Paid on account, $12,500 for March 3 purchases. 18: Sold 550 units of inventory for $50 cach on credit terms of 2/10, n/30 to the Bright Company. (Calculate COGS). 25: Collected on account from March 6 sales to Shine Company. (Is there any discount or not, explain your reason) 27: Collected on account from March 18 sales to Bright Company. (Is there any discount or not, explain your reason, Show your calculations for the discount, total receivable, and cash collected) Requirements: 3. Joumalize March transactions for Tribeca Company. Provide explanations. 4. Prepare FIFO Schedule for March. Company has 250 units of inventory from $18 each at the beginning of March. Calculate COGS for the March 6 and 18 sales by using FIFO method. How much will be ending inventory of March?
Transcribed Image Text:Q2: March transactions for Tribeca Company as follows; March 3: Purchased 500 units of inventory for $12,500, on credit terms of n/eom. (No discount will be provided for early payments) 6: Sold 300 units of inventory for $50 each to the Shine Company on credit terms of 3/IS, n/30. (Calculate COGS). 10: Paid insurance in advance, $2,000. 12: Purchased 400 units inventory for cash $12,000. 15: Paid on account, $12,500 for March 3 purchases. 18: Sold 550 units of inventory for $50 cach on credit terms of 2/10, n/30 to the Bright Company. (Calculate COGS). 25: Collected on account from March 6 sales to Shine Company. (Is there any discount or not, explain your reason) 27: Collected on account from March 18 sales to Bright Company. (Is there any discount or not, explain your reason, Show your calculations for the discount, total receivable, and cash collected) Requirements: 3. Joumalize March transactions for Tribeca Company. Provide explanations. 4. Prepare FIFO Schedule for March. Company has 250 units of inventory from $18 each at the beginning of March. Calculate COGS for the March 6 and 18 sales by using FIFO method. How much will be ending inventory of March?
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